With the way that virtually all governments (at all levels) have borrowed, excessively printed currency & overspent their way into oblivion, there is no hope of recovery until the crash finally comes & a hard reset occurs.

With the way that virtually all governments (at all levels) have borrowed, excessively printed currency & overspent their way into oblivion, there is no hope of recovery until the crash finally comes & a hard reset occurs.

It's the law of economics...

TAM

Somehow I don't think your that far off. The worst of the 7 deadly sins (GREED) imho, has destroyed how we live and our economy. The cost of living is keeping kids home. The number of adult children still living at home is crazy ( I moved out at 16) mine are 21 and 19 and 14 and still home. I believe unemployment is way higher than what is reported due to people not being able to get enough work to qualify. I know people that have college educated kids at home and are working at minimum wage jobs or not working. My 19y old is going to alberta in 3 weeks, the economy here is so depressed it's sad.

Sobering Facts : In the USA3 million parents over 50 still have adult children at home85% of college grads move back home14 million adult children live at home.

IN Canada from Statistics Canada website:

In 2011, 42.3% of young adults aged 20 to 29 years lived with their parent(s). This is a significant increase from 30 years ago.

In 2011, 63.3% of young men and 55.2% of young women aged 20 to 24 lived with their parent(s).

In 2011, Ontario had the highest proportion (50.6%) of young adults who lived in their parental home.

One more thing, monstrous Annual Deficits & unimaginable Accumulated Debts are bad enough; however, what also matters big time is the 'Unfunded Liabilities' amounts that are so unfathomable that they cannot even be reliably estimated. I've heard figures about the US that range from $50 Trillion to $150 Trillion - obligations that are promised but with no funding. Canada's are less but certainly not manageable either.

I'm glad that I'm an old phart that doesn't have a lot more time to watch this play out. I hope that I'm gone before it does....

I am climbing the old fart ladder right behind ya . Pensions alone not to mention social programs are crippling our paychecks giving guys like me less dispensable income. Don't get me started on those fat ass senators suckin up money and cheating us taxpayers.

Some numbers just came out on the job front here in the U.S.A 120,000 new jobs were created in the last month. That number was disappointing as there had been an expectation of 180,000 new jobs created over that same time frame. Of that 120,000 new jobs, 2/3 of them were either temporary, or part time as well.

In this country (in my option) you don't have to be a seer too see whats coming down the pike if we stay on this unsustainable course of borrowing and spending. I mean a blind person can see what inevitably could happen if America doesn't put the brakes on, and soon.

Because we have the worlds largest economy, and the dollar is used as the worlds currency as to trade, we will take every other country down with us as well. The global economy would almost for certain enter into a depressed state for years to come.

With this administration, and some of the lawmakers in Washington, I holdout very, very little chance of any turn around before this catastrophic event happens.The time frame for this happening (if we stay this course) I would venture a guess and say 2016-2017.

I want too say this is just one man's (mine) option, and by no means am I trying to scare nor persuade anyone into my way of thinking about this matter. This is just a (my) conclusion I have derived at after following this subject matter very closely for a number of years now. I pray I am wrong.

Gary, unlike the so-called experts in our governments & mindless media, many of us down in the trenches can see through all of this nonsense just by using common sense alone. One does not have to be an economist/expert to be able to make more reliable predictions than those who eternally wear rose coloured glasses.

For the past 4 years, I just shake my head whenever these people in power come out with their wildly overly optimistic forecasts on what the economy is going to do 6 months down the road. From what I've seen, they have been universally wrong over that period. It would be best if they just shut up IMHO & let it ride where it wants to go...

What gary says rings true for me as well. The USA has the added complication of 2 party's in the senate that refuse to agree on anything. Time to eliminate old timers and their backwards thinking and get them out of the senate. Like gary says we all rely on the USA in some way, I hope they get it sorted out.